Midday Report
Gold declined to currently hover around the critical range of 1656.00 to 1624.00. These areas represent mutual points of the harmonic patterns type 0-5, but these points contradict each other as shown above on the images. But at the same time, both images show that these points could be the potential bullish reversal zone unless the metal breaches the level of 1598.00. For the rest of the session today consolidation above 1624.00 might trigger a new bullish wave.
The trading range for today is among the key support at 1624.00 and key resistance now at 1727.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1656.00 | 1644.00 | 1624.00 | 1615.00 | 1605.00 |
| Resistance | 1662.00 | 1673.00 | 1681.00 | 1688.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1656.00, targeting 1681.00, 1694.00 and 1703.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Midday Report
The rebound seen from areas around 32.80 could affect our negative scenario suggested earlier today, where this rebound provides us within another harmonic structure. As shown above the metal might extend the upside move unless a breach of 32.80 was seen, which in result might support the return of negativity. Momentum indicators attempt to turn positive. Therefore, we negate our morning expectations and suggest an upside move during the rest of the session today.
The trading range for today is among the key support at 31.25 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 33.00 | 32.80 | 32.45 | 32.10 | 31.75 |
| Resistance | 33.40 | 33.65 | 34.00 | 34.40 | 34.65 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 33.15, and take profit in stages at 33.65, 34.00 and 34.65 and stop loss with 4-hour closing below 32.80 might be appropriate | ||||
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